Money Management Improving Your Money Management in College

Money Management Improving Your Money Management in College and Beyond

Applying for or Receiving Financial Aid? You need to understand: • How you obtain it • How to maintain it • How to manage potential student loan debt Money Management 2

2 Key SCC Resources 1. Financial Aid Counselors • SCC Financial Aid website 2. $ALT website • Provides free tools • Financial aid • Personal finances • Scholarships • And more Money Management 3

It All Begins With FAFSA (Federal Application for Free Student Aid) 1. Create your Federal Student Aid ID at www. fafsa. ed. gov 2. Log in to www. fafsa. ed. gov and complete the FAFSA 3. Contact the SCC Financial Aid Department with any questions 4. After receiving your award letter, complete the Nelnet Deferred in SCC Connection Money Management 4 Students receiving an A+ Scholarship, Federal Work-study, or requesting a student loan will have additional steps.

Types of Financial Assistance • PELL Grant • Student Loan • Direct Subsidized Loan • For undergraduate students • Interest is paid by Department of Education while the student is in school and during periods of deferment Money Management 5

Types of Financial Assistance (cont. ) • Direct Unsubsidized Loan • For undergraduate and graduate students • Borrower is responsible for all interest • Strongly advised to pay interest as you go • Federal Work-study Program • A+ Scholarship • Scholarships • www. stchas. edu • www. saltmoney. org Money Management 6

What is Financial Aid Satisfactory Academic Progress (SAP)? Students receiving financial aid must maintain SAP – St Charles Community College is responsible for monitoring • Grades • Grade point average (GPA) • Maximum hour limit • Hours attempted vs hours earned • Is it better to withdraw, or take an “F”? • How to calculate completion ratio Money Management 7

What if I Fail to Meet SAP? • Warning • Suspension • Probation • Dismissal Reinstatement? Right to Appeal? • Get reinstated by meeting GPA requirement and 67% completion ratio • Appeal by completing the appeal form with letter and supporting documentation to the Appeals Committee Money Management 8

Financial Assistance Contact Information Contact information for all of these resources can be found on page 20 of your COL 101 Course Pack: • • • A+ Scholarship A+ State Programs FAFSA Information Financial Aid Appeal & Scholarships Loans National Student Loan Data System • • • Money Management (NSLDS) SALT on the Web SCC Financial Assistance SCC General Financial Aid Info Student Aid VA Benefits 9

Be Financially Literate Understand manage your finances Money Management 10

$ALT – What is it? A free, online educational tool designed to help students take ownership of their finances • Learn about personal finance • Search for scholarships • Find jobs and internships • Snag deals and discounts • Manage your student loans • Get expert help with loan questions Money Management 11

$ALT Overview https: //www. youtube. com/watch? v=DNiya. Z 10 z. UI&list=UU 9 x. Ckq. X 6 xl. UWIk. Oe 4 Ti 8 LEg Money Management 12

How Do I Use $ALT? 1. 2. 3. 4. Go to www. saltmoney. org Click on sign up Enter your information and list SCC as your school/organization Click ‘Sign me up for $ALT’ and start exploring It’s as simple as that! Money Management 13

$ALT Lessons • Fundamentals • Educational Planning • Internships, Incomes, and Careers • Employment • Money Management • Saving and Investing • Budgeting • Student Loans and Repayment • Insurance and Risk Management • Taxes • Credit and Debt Management Money Management 14

9 Tips to Achieve Financial Wellness 1. 2. 3. 4. 5. 6. 7. 8. 9. Know where your money goes Develop a budget Include savings in your budget Plan for major purchases Save for emergencies Plan for retirement Get tax advice Protect your credit Keep good financial records Money Management 15

Let’s Look at Examples Time to apply – look at examples and activities in the course pack Money Management 16

Credit Card Tips 1. 2. 3. 4. 5. 6. 7. 8. 9. Shop around Limit your number of cards Set minimum balance low Payoff each month Avoid late payments Review monthly statements Balance wants vs needs Reconsider large purchases Cash advances Money Management 17

Avoid Identity Theft • Take precautions to avoid identity theft • Can take months or years to recover • Identity theft can happen with: • • Personal information E-commercial Mail Banking • If you become a victim • Contact FTC, credit bureaus, police • Keep a record of transactions and close affected accounts Money Management 18

The Bottom Line on Money Management • Know your resources • Know how to apply for financial aid • Understand different types of financial aid • Understand requirements for remaining eligible • Take advantage of $ALT • Be financially healthy • Understand credit cards and pitfalls • Protect yourself from identity theft Money Management 19